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State legislature passes ISTEA implementing bill that not only codifies the federal suballocation of STP funds, but takes extra step of suballocating CMAQ funds to MPO’s in air quality non-attainment and maintenance areas.

1997 — Amicable Divorce

State legislature passes Senate Bill 45 which guarantees that MPO’s have project selection authority over 75% of state highway account spending; the remaining 25% of funds are programmed by CTC. Regional role is to match transportation funds with local land use decisions. State role is to facilitate travel “to and through” metropolitan areas.

BATA has limited variable rate capacity, and the 2002 and 2003 swaps were designed to lock in interest rates at levels below the current market as well as the assumptions for the fixed rate component of the Plan of Finance.